25th Apr 2019 13:32
LONDON (Alliance News) - Local Shopping REIT PLC on Thursday once again told shareholders to rebuff Thalassa Holdings Ltd, after the latter extended its offer deadline once again.
As of Thursday, seven weeks after Thalassa's original offer, just 14% of Local Shopping REIT shareholders had accepted the offer.
Thalassa is offering 14.64 pence in cash and 0.26 Thalassa consideration shares for every Local Shopping REIT share it does not already hold, the combination being equivalent to around 35.8p per share based on Thalassa's closing price at the time. Earlier Thursday, it extended the offer deadline once again to May 1.
Thalassa already owns 26% of Local Shopping REIT.
Local Shopping REIT shares were untraded Thursday, last quoted at 28.20p, with Thalassa also untraded, last quoted at 80p.
Local Shopping REIT believes Thalassa's shares are risky, with no guarantee they will be bought back under Thalassa's buyback programme. Further, it feels its shareholders would be exposed to illiquid shares of a company with an "unfocused" strategy.
"The board therefore continues to recommend Local Shopping REIT shareholders who have so far ignored Thalassa's offer continue to do so, and those Local Shopping REIT shareholders who have previously accepted Thalassa's offer withdraw their acceptance," said Local Shopping REIT.
Related Shares:
Thalassa (di)LSR.L